contain considerably less detail than budgets. D10.12 (LO 2) Oak Creek Company is preparing its master budget for 2020. Relovant data pertaining to its sales, production, and direct materials budgets are as follows Prepare sales, production, and direct materials budgets. Sales: Sales for the year are expected to total 1 million units. Quarterly sales are 20%, 25%, 25% and 30%, respectively. The sales price is expected to be S40 per unit for the first three quarters and S45 per unit beginning in the fourth quarter. Sales in the first quarter of 2021 are expected to be 10% higher than the budgeted sales for the first quarter of 2020. Production: Management desires to maintain the ending finished goods inventorios at 20% of the next quarter's budgeted sales volume. Direct materials: Each unit requires 2 kg of raw materials at a cost of $10 per kilogram Management desires to maintain raw materials inventories at 10% of the next quarter's production requirements. Assume the production requirements for the first quarter of 2020 are 500,000 kg Instructions Prepare the sales, production, and direct materials budgets by quarters for 2020 D10101